50 billion barrels off the northeast coast of New Zealand?

Oil-Finder

Yet another newly discovered hydrocarbon basin. These are starting to get boring.

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Tyler_JC

Operation Kiwi Liberation?

qtank

But seriously, this is great news for New Zealand. They are currently a major oil importer. This field will reduce their massive trade deficit and set them on a better financial footing to prepare for an oil free future...assuming they don't just waste the cash on BS social programs and new sports stadiums.
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"www.peakoil.com is the Myspace of the Apocalypse."

Atlantean_Relic

americandream

Tyler_JC

Social programs are fine, so long as they are sustainable.

Would you argue that the level of social spending in a country like Venezuela or Iran is sustainable given a decline in oil revenues?

If they use the money in order to increase welfare payments rather than build infrastructure or pay down debt, the money was not well spent.

In the short term, the locals will be happy but in the long term when the resource runs out, the locals will be angry that the money wasn't put to better use.

The United Kingdom is a great example of this. They spent every last dime that came out of the North Sea and have very little to show for it. To be fair, most of it was exploited when prices were extremely low. New Zealand's oil will come online with prices in the triple digits.

Conclusion:

Bonanza for NZ, let's just hope they are smart about it.
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"www.peakoil.com is the Myspace of the Apocalypse."

Plantagenet

there is really no way to know the oil is there until you drill. You can have marvelous source rocks and reservoirs, but the geologic structures may have been leaky and lost part or even all their oil.

In 10 years hopefully the kiwis will have punched a few holes in and they'll know what actually there.

I spent a year living in NZ in the 90s.....hope this works out for them.

anarky321

"However, any development could be a decade away, according to the Petroleum Exploration and Production Association"

this i think is the key phrase
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Tyler_JC:
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electric_future

Well for the serious tinfoil hat nutters, this has been known about for decades, and was deliberately kept quiet by Muldoon in cahoots with the CIA.

From the Opal files / gemstone files circa 1995:

click on the "show quoted text" link here for a serious brain burn

Plantagenet

Chesire · Heavy Crude Joined: Jul 13, 2007 Posts: 267

10 years ? lol by then oil will be back to 20 dollars a barrel after demand destruction via die off.

Or New Zealand will have a new name on the map. New Taiwan Laughing

Graeme

Oil strike could triple NZ GDP

Lanthanide

I suspect they will find oil off the coast there, just depends how much and how easy it is to get to.

Hopefully any finds will be < 10 billion barrels though, otherwise we're going to have a big crosshair on our head from Japan / China / US looking to invade for our countryside and black gold.

dorlomin · Light Sweet Crude Joined: Aug 05, 2007 Posts: 1062

Lanthanide

Not that I would call a dozen aging planes an 'airforce'.

We have no real military to speak of - we can defend ourselves from pacific islands, but that's about it.

As for rugby, my interest is 0.

joewp